Prince Al Waleed Bin Talal signs $46 million loan agreement for Beirut Movenpick
Alwaleed Bin Talal AbdulAziz Alsaud, yesterday signed a $46 million loan agreement to finance the remaining portion of the Movenpick Resort and Marina project in Beirut, Lebanon.<br>
Saudi Arabia’s billionaire Prince HRH Alwaleed Bin Talal AbdulAziz Alsaud, chairman of the Kingdom Holding Company, yesterday signed a $46 million loan agreement to finance the remaining portion of the Movenpick Resort and Marina project in Beirut, Lebanon.
Prince Alwaleed initially purchased 50% of Merryland Pour Les Projets Touristiques in October 1997, with the goal of transforming it into a Movenpick Resort & Marina. He subsequently acquired full control of the Movenpick Beirut in December 1999 by increasing his stake to 100%. The estimated cost of completing the five-star 280-room luxury hotel, set to open within the coming 10 months, is $143 million. To date, the bulk of the 72 luxury chalets attached to the hotel resort have been sold. “We are confident Mövenpick Beirut will be a great success and one of our star investments in Lebanon,” Prince Alwaleed told ITP.net.
The 7-year loan agreement for the Beirut Movenpick Resort & Marina was signed in conjunction with a consortium of banks. Participating banks comprise Banque Audi, Banque Libano-Française, Banque of Beirut and the Arab Countries, Lebanon Invest, Credit Libanais Investment Bank, Al-Mawarid Bank, Cairo Amman Bank, First National Bank, Société Générale de Banque au Liban (SGBL), and The Arab Investment Company, and Banque Audi (France).
In addition to his stake in the Beirut Movenpick, and the planned Movenpick in Ramallah, Palestine, Prince Alwaleed holds a 27% stake in the Movenpick international hotel chain. Planned new locations for the chain include Djerba, Tunisia in 2001; Cairo Media City, Egypt in 2001; Cairo-El Obour City, Egypt in 2002; El Alamaine, Egypt in 2002; Gaza, Palestine in 2002; and Bethlehem, Palestine in 2003.
The Prince, who has made some high profile investmentss, has been ranked by Forbes magazine as the richest businessman outside the United States. His portfolio of investments include: Citigroup, Motorola, Four Seasons Hotels & Resorts, Arabia.com, Priceline.com, Trans World Airlines, Planet Hollywood, Xerox, Kodak, America Online, Apple Computer, Compaq, AT&T, WorldCom, McDonald’s, Ford Motor, Walt Disney Co., Gillette, Proctor & Gamble, Coca-Cola, PepsiCo, Internet Capital Group, InfoSpace, DoubleClick, Amazon.com, eBay and Netscape.